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4.01 key terms
this is for my class and its a grade
| Term | Definition |
|---|---|
| Accountant | An individual who has had specialized training in accounting procedures. |
| Accounting | The process of keeping financial records. |
| Accounting Cycle | A process or series of steps that businesses complete to maintain their financial records effectively. |
| Accounting Standards | Rules that accountants must follow when preparing financial statements. |
| Accrual | a method of accounting that records transactions at the time they occur. |
| Acquisition of Funds | Finance activity involving making decisions about financing. |
| Administration of Assets | Finance activity involving making decisions about a firm’s investments. |
| Assets | Anything of value that a business owns |
| Balance Sheet | A financial statement that captures the financial condition of the business at that particular moment. |
| Capital Investment Decisions | Decisions that determine which projects a business will invest in, how the investment(s) will be financed, and whether to pay dividends to shareholders. |
| Cash Flow Statement | A financial summary of recording as to when, where, and how much money will flow into and out of a business. |
| Dividends | A sum of money paid to an investor or stockholder as earnings on an investment. |
| Expenses | The monies that a business spends; also called expenditures. |
| External Users | people outside the business who use accounting information – suppliers, banks, customers, lenders, investors, and tax authorities. |
| Finance | In business, the function that involves all money and money management matters. |
| Financial Statement | A summary of accounting information. |
| Income | Money received by a business or an individual from outside sources. |
| Income Statement | A financial summary that shows how much money the business has made or has lost; also called the profit-and-loss statement. |
| Internal Users | people within the business who use financial information – owners, managers, and employees. |
| Liabilities | Debts that the business owes. |
| Net Worth | The total value of the business. |
| Owner's Equity | The amount an owner has invested in the business plus or minus profits and losses. |
| Statement of Owner's Equity | usually a one-page report showing the difference in total assets and total liabilities, shows the overall value of the owner’s equity. |
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dabrien_isthebest
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